Speaking at a business meeting where visiting Russian President Vladimir Putin was also present, Modi said the trade between the two nations has risen 20 per cent in 2017-18.

Stating that India is the most open economy in respect to FDI, he invited Russians to set up a dedicated defence industrial park in the country and take the traditional relationship forward.

"We are committed to building a new India. We have to do this as early as possible," he said.

Listing vast business opportunities in India, he said India is modernising its ports under Sagarmala project, building metro rail projects in 50 cities, expanding rail and road network and modernising airports.